Big Coal's War on Itself:

Before long, the big bets made by the Big 3 looked like a big mistake. By late 2011, the supply/demand imbalance that had lifted prices to record highs started to reverse due to rising supply out of Australia and Indonesia and slowing demand in China. By early 2012 global coal prices were in free fall, forcing Alpha Natural Resources to write down the $1.7bln premium it paid for Massey Energy by the end of the year and all three companies suffering due to their ill-timed purchases.